Gold Spot / U.S. DollarUpdated Gold Technical Analysis, February 28
📊Gold daily level shows a bearish-dominated pattern, the price closed negative for consecutive days and effectively fell below the 2900 integer psychological barrier, confirming the exhaustion of short-term upward momentum. The current price is running below MA5/MA10 (2908-2918), the moving average system is in a bearish arrangement, and the technical form forms a classic downward channel, suggesting that the adjustment cycle may continue.
📊During the Asian session, the price rebounded at 2885 and was blocked and fell back, verifying the continuity of short-term bearish momentum. The current market shows the characteristics of a weak rebound, which is consistent with the short structure of "weak rebound-break bottom again". It is necessary to be vigilant that if the price rebounds and breaks through 2890, it is necessary to re-evaluate whether the bearish momentum is exhausted, but there is no clear reversal signal at present.
✅Key price points:
🔴Resistance level: The first-level pressure zone focuses on 2888-2890 (yesterday’s rebound high and Fibonacci 38.2% retracement level), and the core resistance zone still focuses on 2908-2918 (moving average bonding area).
🟢Support level: short-term support is 2865 (yesterday's low and psychological barrier), and after breaking, it may test 2850 (previous low and channel lower rail), and the medium-term key support is anchored at 2830-2834 (weekly level support band)
✅Day trading strategy:
🔰Rebound to the 2885-2890 range to arrange short orders in batches, stop loss is set above 2900, and the target is 2865-2850-2834 in turn.
🔰If the price touches the 2830-2834 support band for the first time and there is a clear stabilization signal (such as bottom engulfing/RSI oversold divergence), we can try long orders with a light position, stop loss at 2820, and target the 2850-2865 area.
📛Risk warning:
--Pay attention to the impact of fundamental events on volatility during the US trading period during the day.
--If the price breaks through 2900 and stands above 2918, be alert to the destruction of the short structure and adjust the strategy in time.
📊During the Asian session, the price rebounded at 2885 and was blocked and fell back, verifying the continuity of short-term bearish momentum. The current market shows the characteristics of a weak rebound, which is consistent with the short structure of "weak rebound-break bottom again". It is necessary to be vigilant that if the price rebounds and breaks through 2890, it is necessary to re-evaluate whether the bearish momentum is exhausted, but there is no clear reversal signal at present.
✅Key price points:
🔴Resistance level: The first-level pressure zone focuses on 2888-2890 (yesterday’s rebound high and Fibonacci 38.2% retracement level), and the core resistance zone still focuses on 2908-2918 (moving average bonding area).
🟢Support level: short-term support is 2865 (yesterday's low and psychological barrier), and after breaking, it may test 2850 (previous low and channel lower rail), and the medium-term key support is anchored at 2830-2834 (weekly level support band)
✅Day trading strategy:
🔰Rebound to the 2885-2890 range to arrange short orders in batches, stop loss is set above 2900, and the target is 2865-2850-2834 in turn.
🔰If the price touches the 2830-2834 support band for the first time and there is a clear stabilization signal (such as bottom engulfing/RSI oversold divergence), we can try long orders with a light position, stop loss at 2820, and target the 2850-2865 area.
📛Risk warning:
--Pay attention to the impact of fundamental events on volatility during the US trading period during the day.
--If the price breaks through 2900 and stands above 2918, be alert to the destruction of the short structure and adjust the strategy in time.
Trade active
🔥Today's market trend is consistent with my analysis and expectations in the morning, reaching the key support level of 2834. Whether this position can be maintained in the future will determine the market trend next week. However, the next stage of the rising cycle is not far away, and I hope everyone can follow me and seize this opportunity.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.